JOHNS CREEK, GA – February 10, 2026 – Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported fourth quarter 2025 financial results. Diluted earnings per share for the quarter were $1.77 compared to $2.84 in the fourth quarter of 2024. Full year diluted earnings per share were $9.52 in 2025 compared to $13.51 in 2024. Excluding a net gain on real estate recorded in the third quarter of 2025, adjusted diluted earnings per share1 in 2025 were $9.11.
Highlights from the fourth quarter and full year operating results were as follows:
Fourth Quarter 2025 Compared to Fourth Quarter 2024 Results
•
Revenue was $790.0 million, a 0.1% increase
•
Operating income was $64.0 million, a 36.9% decrease
•
Operating ratio of 91.9% compared to 87.1%
•
LTL shipments per workday decreased 0.5%
•
LTL tonnage per workday decreased 1.5%
•
LTL revenue per hundredweight, excluding fuel surcharge revenue, increased 0.5%
•
LTL revenue per shipment, excluding fuel surcharge revenue, decreased 0.5%
Full Year 2025 Compared to Full Year 2024 Results
•
Revenue was $3.2 billion, a 0.8% increase
•
Operating income was $352.2 million, a 27.0% decrease
•
Excluding a net gain on real estate, adjusted operating income1 was $337.7 million, a 30.0% decrease
•
Operating ratio of 89.1% and adjusted operating ratio1 of 89.6% compared to 85.0%
•
LTL shipments per workday decreased 0.3%
•
LTL tonnage per workday increased 2.5%
•
LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 1.5%
•
LTL revenue per shipment, excluding fuel surcharge revenue, increased 1.2%
Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “Results from our core business operations were in line with our expectations for the quarter. However, the quarter was
Saia, Inc. Fourth Quarter 2025 Results
Page 2
impacted by unexpected adverse developments late in the quarter related to accidents that occurred in prior years, driving approximately $4.7 million in elevated self-insurance related costs. Excluding these costs, the performance in the quarter reflected our team’s strong commitment to customer service and disciplined execution despite a dynamic operating environment. Our team’s commitment to the customer was evidenced by our claims ratio of 0.47%, which was a record for any quarter in our company’s history.”
Executive Vice President and CFO, Matt Batteh, noted that, “We continue to see growth in our ramping markets, with both new and existing customers, driven by our ability to provide more solutions to meet customer expectations. Our record level of capital investments over the past three years have transformed our network and given us the ability to solve problems for more customers. Having now completed our first full year with a national footprint, we are even more excited about the opportunity ahead of us.”
Financial Position and Capital Expenditures
We ended the fourth quarter of 2025 with $19.7 million of cash on hand and total debt of $164.0 million, which compares to $19.5 million of cash on hand and total debt of $200.3 million at December 31, 2024.
Net capital expenditures were $544.1 million during 2025, compared to $1,040.9 million in net capital expenditures in 2024. In 2026, we anticipate that net capital expenditures will be approximately $350 million to $400 million, subject to ongoing evaluation of market conditions.
Conference Call
Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 1-833-890-5317 and request to join the Saia, Inc. call. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through March 10, 2026 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-855-669-9658 referencing conference ID #3759658.
Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 213 terminals with national service. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations.
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should,” “potential” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company
Saia, Inc. Fourth Quarter 2025 Results
Page 3
undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) unexpected liabilities resulting from the acquisition of real estate assets; (10) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (11) risks arising from remote work, including increased risk of related cybersecurity incidents; (12) failure to keep pace with technological developments; (13) liabilities and costs arising from the use of artificial intelligence; (14) labor relations, including the adverse impact should a portion of our workforce become unionized; (15) cost, availability and resale value of real property and revenue equipment; (16) supply chain disruption and delays on new equipment delivery; (17) changes in U.S. trade policy and the impact of tariffs; (18) capacity and highway infrastructure constraints; (19) risks arising from international business operations and relationships; (20) seasonal factors, harsh weather and disasters caused by climate change; (21) the creditworthiness of our customers and their ability to pay for services; (22) our need for capital and uncertainty of the credit markets; (23) the possibility of defaults under our debt agreements, including violation of financial covenants; (24) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (25) dependence on key employees; (26) employee turnover from changes to compensation and benefits or market factors; (27) increased costs of healthcare benefits; (28) damage to our reputation from adverse publicity, including from the use of or impact from social media; (29) failure to achieve acquisition synergies or disruption to our business due to such acquisitions; (30) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (31) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (32) unforeseen costs from new and existing data privacy laws; (33) the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and environmental regulations; (34) changes in accounting and financial standards or practices; (35) widespread outbreak of an illness or any other communicable disease; (36) international conflicts and geopolitical instability; (37) evolving stakeholder expectations regarding environmental and social issues; (38) provisions in our governing documents and Delaware law that may have anti-takeover effects; (39) issuances of equity that would dilute stock ownership; (40) weakness, disruption or loss of confidence in financial or credit markets; and (41) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.
Saia, Inc. Fourth Quarter 2025 Results
Page 4
As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
1 Non-GAAP Financial Disclosure and Reconciliation:
From time to time we supplement the reporting of our financial information determined under generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures. These include “adjusted” total operating expenses, “adjusted” operating income, “adjusted” diluted earnings per share, and "adjusted" operating ratio. The Company’s management believes that certain non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
A gain from the sale of a terminal of $16.4 million and a loss on real estate impairment of $1.9 million was recorded during the third quarter of 2025. This resulted in a decrease in operating expenses and an increase in operating income of $14.5 million, an increase in diluted earnings per share of $0.41 and an improvement of 50 basis points in the operating ratio for the year. The terminal sale occurred as the result of management’s efforts towards expanding door count by replacing a smaller facility with a larger facility better positioned to successfully support the Company’s overall strategy. The impairment loss came as a result of management's continued assessment of the recoverability of property and equipment.
Saia, Inc. Fourth Quarter 2025 Results
Page 5
Saia, Inc. and Subsidiaries
Reconciliation of Certain GAAP and Non-GAAP Statement of Operations Items, Ratios and Operating Data
For the Years Ended December 31, 2025 and 2024
(Amounts in thousands, except per share data, operating ratio and cost per shipment)
(Unaudited)
Years
2025
2024
Total operating expenses (GAAP)
$
2,882,086
$
2,726,914
Add: Net total operating expense impact of Gain on Real Estate Disposal and Impairment of Real Estate
14,503
-
Adjusted total operating expenses (Non-GAAP)
$
2,896,589
$
2,726,914
Operating Income (GAAP)
$
352,200
$
482,160
Less: Net Operating Income impact of Gain on Real Estate Disposal and Impairment of Real Estate
(14,503
)
-
Adjusted operating income (Non-GAAP)
$
337,697
$
482,160
Diluted earnings per share (GAAP)
$
9.52
$
13.51
Less: Net Diluted earnings per share impact of Gain on Real Estate Disposal and Impairment of Real Estate
(0.41
)
-
Adjusted diluted earnings per share (Non-GAAP)
$
9.11
$
13.51
Operating Ratio (1)
89.1
%
85.0
%
Add: Net Operating Ratio impact of Gain on Real Estate Disposal and Impairment of Real Estate
0.5
%
-
Adjusted operating ratio
89.6
%
85.0
%
Cost per shipment (2)
$
322.78
$
303.40
Add: Net cost per shipment impact of Gain on Real Estate Disposal and Impairment of Real Estate
1.62
-
Adjusted cost per shipment
$
324.40
$
303.40
(1)
Operating Ratio is total operating expenses divided by operating revenue, using the underlying unrounded amounts.
(2)
Cost per shipment is total operating expenses divided by shipments.
# # #
CONTACT: Saia, Inc.
Matthew Batteh
Executive Vice President and Chief Financial Officer
Investors@saia.com
Saia, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
December 31, 2025
December 31, 2024
Assets
Current Assets:
Cash and cash equivalents
$19,720
$19,473
Accounts receivable, net
332,206
322,991
Prepaid expenses and other
82,630
93,305
Total current assets
434,556
435,769
Property and Equipment:
Cost
4,259,438
3,790,069
Less: accumulated depreciation
1,415,087
1,233,134
Net property and equipment
2,844,351
2,556,935
Operating Lease Right-of-Use Assets
150,301
126,828
Other Assets
53,473
47,325
Total assets
$3,482,681
$3,166,857
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable
$107,424
$114,560
Wages, vacation and employees' benefits
50,723
49,953
Other current liabilities
78,362
81,162
Current portion of long-term debt
980
5,313
Current portion of operating lease liability
27,895
27,372
Total current liabilities
265,384
278,360
Other Liabilities:
Long-term debt, less current portion
163,000
194,981
Operating lease liability, less current portion
113,119
96,798
Deferred income taxes
284,370
219,062
Claims, insurance and other
79,109
66,385
Total other liabilities
639,598
577,226
Stockholders' Equity:
Common stock
27
27
Additional paid-in capital
307,605
295,106
Deferred compensation trust
(9,088)
(7,981)
Retained earnings
2,279,155
2,024,119
Total stockholders' equity
2,577,699
2,311,271
Total liabilities and stockholders' equity
$3,482,681
$3,166,857
Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters and Years Ended December 31, 2025 and 2024
(Amounts in thousands, except per share data)
(Unaudited)
Fourth Quarter
Years
2025
2024
2025
2024
Operating Revenue
$789,952
$788,952
$3,234,286
$3,209,074
Operating Expenses:
Salaries, wages and employees' benefits
398,504
375,760
1,579,793
1,487,847
Purchased transportation
57,718
58,168
234,595
237,306
Fuel, operating expenses and supplies
160,676
153,467
654,708
629,402
Operating taxes and licenses
20,769
20,727
84,087
80,128
Claims and insurance
24,803
22,084
92,788
77,649
Depreciation and amortization
62,947
54,064
248,573
210,105
Other operating losses (gains), net
512
3,198
(12,458)
4,477
Total operating expenses
725,929
687,468
2,882,086
2,726,914
Operating Income
64,023
101,484
352,200
482,160
Nonoperating (Income) Expenses:
Interest expense
2,934
2,979
16,444
8,930
Interest income
(34)
(139)
(151)
(1,049)
Other, net
(312)
(155)
(1,482)
(1,729)
Nonoperating expenses, net
2,588
2,685
14,811
6,152
Income Before Income Taxes
61,435
98,799
337,389
476,008
Income Tax Provision
13,916
22,696
82,353
113,943
Net Income
$47,519
$76,103
$255,036
$362,065
Weighted average common shares outstanding - basic
26,748
26,699
26,738
26,689
Weighted average common shares outstanding - diluted
26,795
26,811
26,786
26,802
Basic earnings per share
$1.78
$2.85
$9.54
$13.57
Diluted earnings per share
$1.77
$2.84
$9.52
$13.51
Saia, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the twelve months ended December 31, 2025 and 2024
(Amounts in thousands)
(Unaudited)
Years
2025
2024
Operating Activities:
Net cash provided by operating activities
$594,973
$583,702
Net cash provided by operating activities
594,973
583,702
Investing Activities:
Acquisition of property and equipment
(567,639)
(1,043,557)
Proceeds from disposal of property and equipment
23,511
2,694
Other
(8,394)
4,999
Net cash used in investing activities
(552,522)
(1,035,864)
Financing Activities:
Borrowing (repayment) of revolving credit facility, net
(31,000)
94,000
Borrowing of private shelf agreement
–
100,000
Proceeds from stock option exercises
2,776
2,574
Shares withheld for taxes
(8,666)
(9,107)
Other financing activity
(5,314)
(12,047)
Net cash provided by (used in) financing activities
(42,204)
175,420
Net (Decrease) Increase in Cash and Cash Equivalents
247
(276,742)
Cash and Cash Equivalents, beginning of period
19,473
296,215
Cash and Cash Equivalents, end of period
$19,720
$19,473
Saia, Inc. and Subsidiaries
Financial Information
For the Quarters Ended December 31, 2025 and 2024
(Unaudited)
Fourth Quarter
Fourth Quarter
%
Amount/Workday
%
2025
2024
Change
2025
2024
Change
Workdays
62
62
Operating ratio
91.9%
87.1%
LTL tonnage (1)
1,459
1,481
(1.5)
23.53
23.89
(1.5)
LTL shipments (1)
2,164
2,174
(0.5)
34.90
35.06
(0.5)
LTL revenue/cwt.
$26.13
$25.73
1.6
LTL revenue/cwt., excluding fuel surcharge
$22.07
$21.96
0.5
LTL revenue/shipment
$352.27
$350.51
0.5
LTL revenue/shipment, excluding fuel surcharge
$297.57
$299.17
(0.5)
LTL pounds/shipment
1,348
1,362
(1.0)
LTL length of haul (2)
897
898
(0.1)
(1)
In thousands.
(2)
In miles.
Note:
LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight. The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy.
